Belarusian central bank to allow banks to issue tokens

MINSK. March 24 (Interfax) - The National Bank of Belarus (NBB) intends to step up work on introducing a digital Belarusian ruble and plans to allow the banking sector to circulate tokens, the new governor of the National Bank of Belarus (NBB), former Prime Minister Roman Golovchenko said.

"This path [of introducing a digital Belarusian ruble] is inevitable, all countries are proceeding to create their own digital currencies, so we must not remain on the sidelines of this process. Moreover, its full-fledged functioning will make it possible to 'color' flows that go through the system of our legal entities and track the passage of virtually every ruble that in one form or another, in digital form was channeled into the economy," Golovchenko said at a meeting with representatives of Belarusian banks in a video clip released by the NBB's press service.

Remarking that there is skepticism in the banking system regarding the advisability of introducing a digital national currency, he said that soon "we will conduct comprehensive work on clarifying the functional requirements for the platform for the digital Belarusian ruble, creating the necessary software, and developing the necessary legislation to support the introduction of the digital ruble within a defined timeframe."

He also said the "National Bank, together with stakeholders, is working out a systemic approach to regulation in the area of tokens."

There are plans "to grant banks the rights to create and place their own tokens through resident companies of the High Technology Park (HTP) and fulfill obligations on them; to acquire, dispose of tokens issued by other banks and other legal entities of Belarus through HTP residents," Golovchenko said.

The scale of such transactions will be determined by the NBB, which will require expanding its powers, he added.

"After the legislative enshrinement of these approaches, banks will get a new instrument for financing the needs of the economy. Furthermore, it will be possible to use tokens in the fulfillment of business entities' obligations on foreign trade contracts," Golovchenko said.